Xu Xiaonian, professor of economics and finance at China Europe International Business School, said there is too much financial regulation and a clear bias toward state-owned companies.
The key question is whether the government has "political will to reform" and not just talk about it, he said.
"We have to give freedom to the press and media," Xu said, adding that that is the only way to know whether the party is serious about reforms.
"Otherwise, it's just lip service," he said.
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